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What is the most important factor when reviewing comps?

We are looking at a house that was built in the mid-90s, but the current owners have updated the inside with fresh paint/carpets/LVP flooring. The house itself is only about 1500 sq ft (2 stories) with 600 finished sq ft in the basement. The property sits on 1.9 acres. About 0.5 of the acres is flat functional grassy space and then the rest is wooded area. The house is listed at $465k and our lender thinks we need to offer $505k to be competitive. Our agent told me she’d get back to me on value. Just this month, a home right down the street sold for $410k, was listed at $389k so did go for over asking. The house is only on 0.5 acres but has 1800 finished square feet on the main level, plus a smaller finished basement.

I am curious how to go about coming up with a competitive offer. Is land worth more than home square footage, in a general sense?

submitted by /u/EquipmentSad
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source https://www.reddit.com/r/RealEstate/comments/1w6bbqz/what_is_the_most_important_factor_when_reviewing/
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